Global Infrastructure to Acquire 25% Interest in Scotia Gas Networks

Source: www.gulfoilandgas.com 12/22/2021, Location: Europe

Global Infrastructure Partners ("GIP"), a leading independent infrastructure investor, is pleased to announce an agreement to acquire a 25% equity interest in Scotia Gas Networks (the "Company" or "SGN") from OMERS Infrastructure ("OMERS"). The acquisition will be made through GIP's Separately Managed Account ("SMA") platform, leveraging GIP's significant experience in investing in core infrastructure.

SGN is a critical UK infrastructure asset which operates two gas distribution networks in Scotland and the Southeast of England. The Company is the second largest gas distribution network operator ("DNO") in the UK and supplies six million customers across its service territory. SGN is well positioned to play an essential role in the UK's decarbonization by supporting the transition from methane to renewable hydrogen sources and is committed to delivering on its low carbon ambitions, seeking to achieve net zero by 2045.

Adebayo Ogunlesi, Chairman and Managing Partner of GIP, said: "GIP has deep experience and a strong track record of investing in and driving value from core utilities and natural gas infrastructure. We regard SGN as the premier gas DNO in the UK and a key player in the energy transition. The conversion of gas distribution networks into hydrogen ready infrastructure represents a unique opportunity to significantly grow the Company while supporting the UK's net zero goals through the adoption of green hydrogen. We look forward to working with management and the Company's other shareholders to help deliver on these growth ambitions and support its net zero strategy."

The transaction is expected to close in the first quarter of 2022, pending regulatory review and approvals.


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